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Currency. it's also you get a sense of desperation. why would you put out 10% of your entire company to buy something that has absolutely no profits, right? it's a revenue-free company. would you do it because you're worried about the sustainability of your core business, and that is -- that was the deal that -- that was the reason they bought instagram before. you're seeing this across the entire sort of intnlt conglomerates, if you will. >> the tech industry is very hot. not as hot as it was before the 2000 bubble burst. so how is the industry different now? >> okay. so let's establish that ...

Distorted. we are looking at a lack of lower-end home inventory, the homes that investors have been buying. there's been no new construction for those homes, and frankly a lot of the folks when we hear about being underwater are in that bucket too. >> what it tends to be an issue that is ongoing? again, all all sorts of explanations and yours were dead on. would you worry that it's sort of causing a bottle neck? >> well, clearly it's a problem. first of all, everyone needs a place to live. rental prices are going up and we all benefit from the side effect of high home ownership rates like the ...

And latinos were targeted more than white families for these subprime loans. it means when the bubble burst, they lost much more of their wealth than did whites and by the way, that added to the already existing disparity. so i think what we're seeing and what we should be worried about something very similar to blackstone, when wells fargo settles with the u.s. government for $175 million for its subprime practices and markets that settlement back to black and latino families in the very communities that have the highest rates of foreclosure as if it's a good corporate citizen, that should wo...

Before the bubble burst. what was it like after the economic crash? kevin roose has been shadowing investors in top investor firms and out with a new book "young money inside the hidden world of wall street's post crash recruits." we have selected kevin's book as our new mojo book club pick so we are all reading it and nicole is all the way through. >> so good! so good! >> you're like our "morning joe" nerd. >> i'm a book nerd but this is so good. >> thank you! >> it reads like a novel. >> thank you. >> it reads like an hbo series in the making, which i can only hope and pray it is. but what i...

>> exactly. some of the markets include san francisco, where i am right now. many markets in texas actually, austin, houston, they avoided the worst of the housing crisis so they're getting back to normal more quickly. >> seattle. >> yeah, seattle is also back in normal range but places are still struggling like las vegas, detroit. construction levels are still well below normal in those markets. >> now, as we look at this gain in value over the last year, consumer sentiment is certainly a part of that. but what's fueling this recovery? what's pushing it up to this 9% rate that we're looking a...